Who are Fannie Mae and Freddie Mac? The Federal National Mortgage Association is known as Fannie Mae and Freddie Mac. Created by Congress, they “provide liquidity, stability, and affordability to the mortgage market,” according to the Federal Housing Finance Agency. Fannie Mae typically buys home mortgage loans… Read Full Article Share FacebookTwitterLinkedIn
Is the mortgage process the same in every state? Generally speaking, the process is the same. There will be slight differences in fees and timing of when things occur, but otherwise, it’s pretty similar. Read Full Article Share FacebookTwitterLinkedIn
What is a mortgage? A mortgage is a loan from a financial institution or bank that helps a borrower purchase a home. In exchange for the loan, you are obligated to pay the amount of money back with interest over a predetermined period of… Read Full Article Share FacebookTwitterLinkedIn
What is the 2% rule, and is it useful? The 2% rule states that you should aim for a 2% lower interest rate in order to ensure that the savings generated by your new loan will offset the cost refinancing, provided you’ve lived in your home for two years… Read Full Article Share FacebookTwitterLinkedIn
How long does the refinance process take? The process typically takes anywhere from 30 to 45 days, but every situation is different and can be shorter or longer. The length of time may also depend on your property’s size and the current state of your finances. Read Full Article Share FacebookTwitterLinkedIn
Can I refinance 100% of my home value? In rare cases, yes, but it’s best to consult a Blue Water mortgage expert. Most people who are refinancing have equity in their home to help them with the refinance. Read Full Article Share FacebookTwitterLinkedIn